Lakeside Developments purchases land worth $2,500,000 to be developed into cottage lots. The lots will be allocated into one of three categories: lakefront, lakeview, and standard. Lakeside expects that half of the cottage lots will be lakefront and sell for $26,000,30% are lakeview and sell for $10,000 and the remaining lots are priced at $4,500 each. The tract of land is expected to produce 300 lots. Instructions a) Using the relative sales value method calculate the total the inventory value that should be assigned to each category of lots. b) Assume that by the end of year one Lakeside has sold all of its lakefront and lakeview lots. What is the company's gross profit